York Region provides $1 million funding for ventureLAB

May 01, 2024
Partnership with ventureLAB supports growth and innovation across York Region

Newmarket – York Regional Council has reaffirmed its commitment to focus on economic development, innovation and talent across York Region through a four-year, $1 million funding agreement with ventureLAB.

"Economic vitality remains a strategic priority for Regional Council,” said York Region Chairman and CEO Wayne Emmerson. "Our continued partnership with ventureLAB, York Region’s Innovation Centre, is an important investment for our thriving economy. ventureLAB has achieved many successes over the past several years and continues to demonstrate the value of supporting entrepreneurial programs and services, specifically in the technology and small business sectors.”

The four-year funding agreement between York Region and ventureLAB aligns with York Region’s 2024 to 2027 Economic Development Action Plan. One of the four main pillars is focused on innovation, specifically fostering an environment supporting entrepreneurship and innovation through ventureLAB, to drive economic advancements.

Through this funding agreement, York Region provides ventureLAB with an annual contribution of $250,000, of which $150,000 supports existing programs and services, including fostering support and connections for founders to gain investment, attract and retain talent and bring technology to market. The remaining $100,000 is dedicated to the York Region Entrepreneurship and Innovation Fund, administered by ventureLAB on behalf of York Region to foster entrepreneurship and drive innovation.

“ventureLAB-supported companies continue to have a significant impact on York Region’s economy,” said City of Richmond Hill Regional Councillor Joe DiPaola, Chair of the Region’s Planning and Economic Development. “Supporting innovative entrepreneurs in York Region increases job growth and showcases the unique and strong talent we have.”

Recent ventureLAB accomplishments include:

  • Generating over 2,500 new jobs in Canada from ventureLAB-supported companies, including 800 jobs in York Region alone
  • York Region-based companies supported by ventureLAB in 2023 generated over $79 million in revenue
  • Supporting 52 innovative organizations through the Entrepreneurship and Innovation Fund by supporting early-stage start-ups, accelerators, incubators and community partners
  • Securing an additional $4.5 million in 2023 from the Government of Canada through the Federal Economic Development Agency for Southern Ontario to expand the Hardware Catalyst Initiative; since its launch in 2020, the initiative has received approximately $20 million in investments from all levels of government, including $1.5 million from York Region

Learn more about ventureLAB, York Region’s Innovation Centre, at venturelab.ca

For more information on economic development in York Region and available resources to grow a business, visit YorkLink.ca

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to more than 1.2 million residents and 55,600 businesses with more than 615,000 employees. More information about the Region’s key service areas is available at york.ca/regionalservices

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Media Contact:

Stephanie Crowley, Corporate Communications, 
The Regional Municipality of York
Phone: 289-763-2598,
Email: [email protected]